Mahindra & Mahindra on Thursday announced its foray into the electric small commercial segment to cater to last-mile mobility requirements.

The company introduced ZEO electric four-wheeler in less than 2-tonne segment, with price starting at Rs 7.52 lakh (ex-showroom).

In an interview with PTI, Mahindra Last Mile Mobility MD and CEO Suman Mishra said the electric product offers significant value for customers as compared to diesel offerings in the segment over a seven-year period.

"Today, this category (less than 2 tonne commercial vehicle segment) is 1 per cent electrified. In the three-wheeler category it is around 20 per cent electrified. So our aspiration is to push this electrification number, and after that, will take a fair share of that," Mishra said.

The company already has a market share of 14-15 per cent with Jeeto in the conventional small commercial vehicle segment, she said.

Mishra noted that the company has already received orders for around 12,000 units of the model which comes with a range of 160 kms on a single charge.

"The Mahindra ZEO is a perfect testament of our ethos of reimagining the last-mile ecosystem with innovative technologies, reliable products and integrated solutions," she said.

The company is confident that the model will help accelerate adoption of electric vehicles in the less than 2 tonnes commercial vehicle segment, Mishra said.

Mahindra Last Mile Mobility Ltd is a subsidiary of Mahindra & Mahindra Ltd.

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